Here's how much money Americans have in savings at every income level

The average American household has $175,510 in savings as of June 2018.

That may sound like a lot, but an average can't tell the whole story, since millions of families have nothing put away at all while others manage to be super-savers. Indeed, as it turns out, the median American household has only $11,700.

MagnifyMoney also broke down the average and median balances by income. Not surprisingly, the wealthiest Americans have significantly more in savings:

"Although the average American household has saved roughly $175,000 in various types of savings accounts, only the top 10 percent to 20 percent of earners will likely have savings levels approaching or exceeding that amount," MagnifyMoney reports.

It notes that "29 percent of households have less than $1,000 in savings."

Here's the breakdown of how much American households have saved at every income level:

Top 1 percent

Average (all households): $2.5 millionAverage (households with savings): $2.5 million